Wednesday, June 11, 2008

The secret sauce for progress: lessons from 13 economies

If you want to lick poverty, it’s necessary to achieve high economic growth. That’s commonsensical, right?. But how do you achieve high economic growth and sustain it? Experts say there is no silver bullet. But in a latest study by the World Bank on 13 fast growing economies, experts say they were able to identify the ingredients of a secret sauce. These fast growing economies fully exploited the world economy; maintained macroeconomic stability; mustered high rates of saving and investment; let markets allocate resources; and had committed, credible and capable governments.

These 13 countries are Botswana, Brazil, Hongkong, Indonesia, Japan, Korea, Malaysia, Malta, Oman, Singapore, Taiwan, and Thailand. These countries posted 7 percent growth rates over 25 years or more after World War 2.

How to sustain high growth? Says the Report: “For growth to be sustained, it must be growth that takes into account that we are living in a more and more globalized world,” says Danuta Hubner, European Commissioner for Regional Policy. “We need growth that is using all the opportunities that are offered by the global economy.”

There you go! Globalization, and making the most out it, is the key.

3 comments:

Prime said...

hi dave, my email addy is prime [dot] sarmiento [at] gmail [dot] com

Dave Llorito said...

hi prime: could you pls email me your mobile through the personal message feature of multiply?

Lord of Moringa said...

Hi Dave
Leadership is the real key. A country led by a leadership which is disciplined, educated, and committed to the cause of the nation will prosper. We need leaders who are "ask what they can do for their country" type. Unfortunately, the world's affairs are predominantly managed by people who want the crown for the power and wealth. Confucianists are nowhere to be found.